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1904. NEW ZEALAND.

RAILWAYS STATEMENT (20th July, 1904.) BY THE MINISTER FOR RAILWAYS, THE HON. SIR J. G. WARD, K.C.M.G.

Mr. Speaker,— In presenting this, my fifth Eailway Statement, 1 have great pleasure in announcing that the result of the year's operations has been highly satisfactory, the revenue being the highest yet attained by the railways of the colony. It exceeds the estimate by £180,641, and last year's net earnings by £111,294. The results of working may be summarised thus:— Year 1904. Year 1903. £ £ Total earnings ... ... ... ... 2,180,641 1,974,038 Total expenditure ...' ... ... .. 1,438,724 1,343,415 Net profit on working ... ... ... £741,917 £630,623 Net increase over previous year, £111,294. GENERAL. The mileage of line open for traffic at the end of the year under review was 2,328, against 2,291 for the previous year. The average miles operated during the year were 2,305. The following extensions were opened : — M. eh. Tahekeroa-Ahuroa ... ... ... ... ... 4 68 Orepuki-Waihoaka ... ... ... ... ... 4 44 Poro-o-tarao-Taumarunui ... ... ... ... 28 24 37 56 The capital cost of lines open for traffic (including the plant and steamers on Lake Wakatipu) has increased from £19,081,735 to £20,692,911 for the year under review. The net revenue, £741,917, is equal to a return of 3 - 58 per cent, on the capital invested in the open lines, and 3 - 35 per cent, for the total capital (£22,173,220) invested in opened and unopened lines. The cost of working the Kawakawa Section exceeded the gross earnings by no less than £311; but the Nelson Section, which last year showed a deficiency of £533, has this year given a net return of £2,749, equal to 1-03 per cent, on the capital cost of opened lines in the Nelson District. The number of train miles run during the year was 5,685,399, being an increase of 242,066 miles. The increased train mileage represents additional facilities provided to meet the demands of the steadily increasing business, and has cost £61,000. These figures include the permanent additions made to the time-tables, which amounted to 157,474 miles, representing a cost of £39,683. The principal additions in the passenger and mixed trains were as follows : — Auckland, Section. —Daily service to and from Taumarunui. Wellington-Napier District. —Additional suburban trains on week-days and on Sundays. Wanganui District. —Additional passenger services between Palmerston North and New Plymouth. Christchurch District. —Improved passenger service between Christchurch and Culverden, by which the journey-time between Christchurch and Hanmer Springs has been shortened by sixty-five minutes.

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